To open a company in Cyprus for an investment of 200,000 euros - from December 12, 2022
On November 30, 2022, the Council of Ministers approved a decision amending the Policy on the Registration of Companies with Foreign Participation. In the regulatory framework there is a new clause on the compulsory investment in the Republic in the amount of 200,000 euros or more. After the contribution, the investor will receive all the necessary certificates for legal operations.
The decision to make this amendment came into force on December 12, 2022. Investments of €200,000 or more are allowed from a personal or corporate account linked to the ultimate beneficiary of the company being registered. The investment is credited to the company's bank account opened with a financial institution and supervised by the Central Bank of Cyprus. If there is more than one UBO, it is possible to make a single investment or a collective deposit.
At the moment there is no precise guidance on the use of the investment, it is possible that the Council of Ministers will supplement the decision by stating that the money must be kept in Cyprus and used in the future solely for the purpose of the company.
The adoption of the considered amendment will allow the Government of Cyprus to increase the pace of economic development of the Republic by attracting additional investment.
Earlier it became known that in Cyprus temporarily closed the public access to the registers of beneficiaries. This decision was made after the verdict of the European Court that the current legislation violates the right to protection of private property.